Overview of RCBC Car Loan
RCBC Savings Bank is owned by one of the leading conglomerates in the Philippines, the Rizal Commercial Banking Corporation (RCBC). Since its inception in 1996, RCBC Savings Bank has been providing a plethora of retail banking services to the nation. After a strategic alliance, RCBC Bank expanded its network with 5 extension offices and 145 business centers and became the 2nd largest thrift bank in the Philippines. RCBC Savings Bank has created an image of its own in the domestic banking market and it continues to hold it high with its seasoned banking products.
You’re probably eligible for an RCBC Car Loan if you are
At least 21 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your RCBC Car Loan amount eligibility is based on these factors
Upto 80% of Selling Price
EMIs of other loans lower
Increase your eligibility for Bank Car Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Why RCBC MyWHEELS Auto Loan?
When you decide to buy a car, RCBC MyWHEELS car loan is an ideal option as it is hassle-free and easy to apply for. RCBC offers you a counselling service where you just have to the select the car model and the bank will source it for you. This unique non-banking service of RCBC just requires you to call the bank and make the request, the car is delivered at your doorstep.
Features and Benefits of RCBC Auto Loan
RCBC offers loans for new as well as second-hand or pre-owned cars. The minimum amount offered by RCBC towards a car loan is P300,000, where the down payment is as low as 20%. The payment terms are up to 5 years, making RCBC car loan, one of the most affordable and flexible in the market.
Additional Auto Insurance
Whether you are self-employed, employed, or working abroad, you can approach RCBC for an auto loan for a new or pre-used vehicle. The bank offers an auto insurance package provided by Malayan Insurance Co.Inc. along with the loan. The insurance offered is a comprehensive package.
RCBC MyWHEELS auto loan comes with repayment terms with a maximum tenure of 60 months for brand new vehicles and a maximum of 48 months for second hand vehicles.
Other Important Features
- The interest rate offered by RCBC is the prevailing add-on rate at the time of release of the loan.
- RCBC charges Chattel mortgage fees.
- You can make the repayments either by post dated checks or opting for Auto-Debit from RCBC or through the savings bank account of RCBC.
Eligibility Criteria for a RCBC Auto Loan
Whether you are employed or self-employed, the following criteria must be fulfilled to be eligible for MyWHEELS auto loan:
- You should be between 21 to 65 years old.
- You must be a Filipino Citizen or an Alien with an ACR.
- If you are married, the consent of the spouse should be obtained.
- You should have stayed a minimum of 2 years at your current residential address.
- You should be a permanent employee for 2 years.
- Your income should be three times the monthly amortization.
Documents Requirements to Apply for RCBC Auto Loan
If you are self-employed, you must present the following documents when applying for a RCBC car loan:
- Duly filled loan application form.
- A valid ID provided by the government.
- Audited Financial Statements and Income Tax Return and Business Registration.
If you are employed, you must submit the following documents when applying for a RCBC auto loan:
- Duly filled application car loan form provided by the bank.
- Valid identification proofs provided by the government, TIN or Utility bill.
- Copy of Employment Certificate with salary break-up and copy of the latest Income Tax Return.
With so many attractive car loans being offered in the market, you need to be careful before you zero in on the bank with the best deal. RCBC offers additional counselling making it a customer friendly loan with add on assistance. The bank’s flexible payment terms and low interest rates make it an affordable choice. The RCBC MyWHEELS auto loan not just offers you competitive rates, it also provides an additional comprehensive insurance cover.
FAQs about RCBC Car Loan
- If I am working overseas, will RCBC provide me insurance along with the auto loan?
RCBC MyWHEELS car loan offers a comprehensive auto insurance package provided by Malayan Insurance Co. Inc. along with the loan, even to individuals working abroad.
- If a Corporation wants to apply for a RCBC car loan, what are the documents required?
When a corporation applies for a RCBC MyWHEELS auto loan, apart from other general documents, SEC registration, By-Laws and the Articles of Corporation must also be submitted.
- What are the requirements for financing a second-hand vehicle through a RCBC auto loan?
The same requirements mentioned above are applied for second hand cars as well, provided you bring the unit to the RSB Head Office or Provincial Lending Center for appraisal purposes.
- What is the minimum auto loan amount offered by RCBC?
The minimum amount for which you can apply for a car loan at RCBC is P300,000.
- What is the lowest down payment option being offered by RCBC on its car loan?
The lowest down payment you can avail on RCBC car loan is 20%.
News About RCBC Car Loan
Sustained growth for RCBC in 2016
In 2015, RCBC Bank posted a net income of P 1.249 billion. There was an increase of 21 percent than the net income in 2014. During the first quarter of 2016, P 200 million net income was recorded by the thrift lender. This was a little more than the first quarter of 2015 which went up to P 194 million.
According to the CEO of RCBC Bank, if the demand for mortgage and auto loans are on the rise, the bank will be reaching a good growth rate. 4 percent of the loan portfolio is covered by the bank’s lending towards SMEs.
14th June 2016